Nexit campaigners have been left furious by oil giant Shell’s decision to leave the Netherlands in favour of Brexit Britain.
On Monday, Royal Dutch Shell announced it would scrap its dual share structure and move its head office to the UK from the Netherlands, pushed away by Dutch taxes and facing climate pressure in court as the energy giant shifts from oil and gas.
The company, which has come under scrutiny from investors about its dual structure and had recently been hit by a Dutch court order over its climate targets, wants to drop “Royal Dutch” from its name – something that has been a part of its identity for more than a century.
There has been a long-running back-and-forth between the firm and Dutch authorities over the country’s 15 percent dividend withholding tax, which Shell had been aiming to avoid paying with its two share classes. This new and wide-ranging structure resolves that.
Last month, the biggest Dutch state pension fund ABP said it would drop Shell and all fossil fuels from its portfolio.
But there has been a furious backlash from Nexit campaigners, who are blaming the Dutch government’s submission to the EU for Shell’s decision.